Tempur-Pedic Reaffirms 2012 Guidance
LEXINGTON, Ky., Dec. 10, 2012
LEXINGTON, Ky., Dec. 10, 2012 /PRNewswire/ --Tempur-Pedic International Inc.
(NYSE: TPX), a leading manufacturer, marketer and distributor of premium
mattresses and pillows worldwide, today announced that it was reaffirming its
guidance for the full year 2012.
The Company reaffirmed that it currently expects net sales for 2012 to be
approximately $1.40 billion and that it currently expects 2012 adjusted
earnings per diluted share (EPS) of approximately $2.55.
The Company noted its expectations are based on information available at the
time of this release, and are subject to changing conditions, many of which
are outside the Company's control.
For supplemental information about the type of adjustments included in the
Company's 2012 adjusted EPS guidance, please refer to the Company's October
23, 2012 earnings release for the third quarter.
The Company also noted its adjusted EPS guidance continues to exclude tax
provisions expected to be recorded in the fourth quarter in connection with
the decision to repatriate foreign earnings, transaction costs related to the
proposed Sealy acquisition and any benefit from a potential further reduction
in shares outstanding related to its share repurchase program. In addition,
the Company's net sales and adjusted EPS guidance assumes that the Sealy
transaction is not completed during 2012.
This release contains "forward-looking statements," within the meaning of
federal securities laws, which include information concerning one or more of
the Company's plans, objectives, goals, strategies, and other information that
is not historical information. When used in this release, the words
"estimates," "expects," "anticipates," "projects," "plans," "proposed,"
"intends," "believes," and variations of such words or similar expressions are
intended to identify forward-looking statements. These forward-looking
statements include, without limitation, statements relating to the Company's
expectations regarding the Company's net sales and adjusted EPS for the full
year 2012. All forward looking statements are based upon current expectations
and beliefs and various assumptions. There can be no assurance that the
Company will realize these expectations or that these beliefs will prove
Numerous factors, risks and uncertainties, many of which are beyond the
Company's control, could cause actual results to differ materially from those
expressed as forward-looking statements. These risks include general
economic, financial and industry conditions, particularly in the retail
sector, as well as consumer confidence and the availability of consumer
financing; uncertainties arising from global events; the effects of changes in
foreign exchange rates on the Company's reported earnings; consumer acceptance
of the Company's products; industry competition; the efficiency and
effectiveness of the Company's advertising campaigns and other marketing
programs; the Company's ability to increase sales productivity within existing
retail accounts and to further penetrate the Company's retail channel,
including the timing of opening or expanding within large retail accounts; the
Company's ability to expand brand awareness, distribution and new products in
international markets; the Company's ability to address issues in certain
underperforming markets; the Company's ability to continuously improve and
expand its product line, maintain efficient, timely and cost-effective
production and delivery of its products, and manage its growth; the effects of
strategic investments on the Company's operations; changes in foreign tax
rates and changes in tax laws generally, including the ability to utilize tax
loss carry forwards; changing commodity costs; and the effect of future
legislative or regulatory changes.
Additional information concerning these and other risks and uncertainties are
discussed in the Company's filings with the Securities and Exchange
Commission, including without limitation the Company's Annual Report on Form
10-K under the headings "Special Note Regarding Forward-Looking Statements"
and "Risk Factors." In addition, the proposed merger with Sealy presents risk
factors including the ability of the parties to complete the proposed merger
in a timely manner or at all; satisfaction of the conditions precedent to the
proposed merger, and the ability to secure regulatory approvals; the
possibility of litigation (including relating to the merger itself);
successful completion of acquisition financing arrangements; and the ability
to successfully integrate Sealy into Tempur-Pedic's operations and realize
synergies from the proposed transaction. Any forward-looking statement speaks
only as of the date on which it is made, and the Company undertakes no
obligation to update any forward-looking statements for any reason, including
to reflect events or circumstances after the date on which such statements are
made or to reflect the occurrence of anticipated or unanticipated events or
About the Company
Tempur-Pedic International Inc. (NYSE: TPX) manufactures and distributes
mattresses and pillows made from its proprietary TEMPUR(R) pressure-relieving
material. It is the worldwide leader in premium and specialty sleep. The
Company is focused on developing, manufacturing and marketing advanced sleep
surfaces that help improve the quality of life for people around the world.
The Company's products are currently sold in over 80 countries under the
TEMPUR(R) and Tempur-Pedic(R) brand names. World headquarters for Tempur-Pedic
International is in Lexington, KY. For more information, visit
http://www.tempurpedic.comor call 800-805-3635.
SOURCE Tempur-Pedic International Inc.
Contact: Mark Rupe, Vice President, Tempur-Pedic International,
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